Gapping down
In reaction to disappointing earnings/guidance:
- N/A.
M&A news:
- ABBV -7.7% (Allergan confirms deal to be acquired by AbbVie (ABBV) for approximately $63 bln, or ~$188.24 per share in cash & stock)
Other news:
- ALDX -22.4% (announces results from noninfectious anterior uveitis SOLACE Trial -- statistical significance was not achieved for the primary or secondary endpoints)
- AKRX -11.2% (received a warning letter from the FDA related to the inspection of its Somerset, New Jersey manufacturing facility in July and August of 2018)
- AAXN -2.1% (will replace MarketAxess Holdings in the S&P MidCap 400)
- MKTX -1.6% (will replace L3 Technologies in the S&P 500)
- BYND -1.4% (continued weakness)
- EQT -1.1% (Rice Team nominee John McCartney sends letter to EQT shareholders; Urges shareholders to vote for the Rice Team nominees to deliver on the significant value that still exists at EQT)
Analyst comments:
- BHF -6.9% (downgraded to Underperform from Neutral at Credit Suisse; tgt lowered to $22)
- PVTL -3.1% (downgraded to Underperform from Neutral at BofA/Merrill)
- SHOP -1.5% (downgraded to Neutral from Outperform at Wedbush)
- K -1.4% (downgraded to Underweight from Equal Weight at Consumer Edge Research)
- TIF -0.5% (downgraded to Hold from Buy at Loop Capital)